Export growth slows down

28/05/2008 09:30

After correction for the number of working days, the volume of goods exports was 4 percent larger in March 2008 than one year previously. The volume of imports rose by nearly 6 percent. Both growth rates are lower than those for January and February. The growth rate for the volume of exports has not been this low since June 2005.

Import and export prices have been rising gradually since September 2007, partly as result of soaring prices for petroleum and petroleum products. In March, import and export prices were respectively 5 percent and more than 4 percent up on March 2007.

The value of exports was 31.5 billion euro, 3 percent up on March last year. The value of imports grew by 6 percent to 27.9 billion euro, resulting in a trade surplus of 3.6 billion euro. This is 0.5 billion euro down on March 2007.

The value of imports and exports of mineral fuels and petroleum products in particular grew substantially. The value of imports and exports of machinery, transport equipment and manufactured products, on the other hand, declined. The value of goods imports from non-EU countries increased substantially, but the value of imports from EU countries increased only marginally. The value of goods exported to non-EU countries decreased, whereas the value of exports to EU countries increased.

Changes in the value and volume of imports and exports as published in this article have been adjusted for the effects of a trend break in value figures.

The figures on March 2008 published in this update have been adjusted from those published on 15 May. The revision is based on new and more detailed information.